Shire Pharmaceuticals Group Plc
Shire Comments on AbbVie's Unchanged Proposal
Ireland (ots/PRNewswire)
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION (IN WHOLE OR IN PART) IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS
OF SUCH JURISDICTION.
Shire plc ("Shire" or the "Company") notes today's announcement by AbbVie Inc. ("AbbVie") repeating its proposal of May 30, 2014, which comprised GBP20.44 in cash and 0.7988 AbbVie shares per Shire share (the "Proposal").
Today's announcement by AbbVie contains no new proposal and provides no material new information.
The Board of Shire has already considered this Proposal in detail and unanimously rejected it, concluding that it fundamentally undervalued the Company and its prospects.
Shareholders are strongly advised to take no action in relation to the Proposal. There can be no certainty that any firm offer will be made, nor as to the terms on which any firm offer might be made.
This statement is being made by Shire without the prior agreement or approval of AbbVie.
NOTES TO EDITORS
Shire enables people with life-altering conditions to lead better lives.
We provide treatments in Rare Diseases, Neuroscience, Gastrointestinal and Internal Medicine and we are developing treatments for symptomatic conditions treated by specialist physicians in other targeted therapeutic areas such as Ophthalmology.
Shire's product sales from continuing operations have increased from US$2,754 million in the financial year to 31 December 2008 to US$4,757 million in the financial year to 31 December 2013, representing a five-year compound annual growth rate of 11.6%. Shire's Non GAAP diluted earnings per ADS have increased from US$3.86 in the financial year to 31 December 2008 to US$7.66 in the financial year to 31 December 2013, representing a five-year compound annual growth rate of 14.7%. Shire's US GAAP diluted earnings per ADS have increased from US$0.86 in the financial year to 31 December 2008 to US$3.53 in the financial year to 31 December 2013, representing a five-year compound annual growth rate of 32.7%.
A copy of this announcement will be available at http://www.shire.com. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.
FURTHER INFORMATION
Evercore Partners International LLP ("Evercore"), which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting as financial adviser exclusively for Shire and no one else in connection with the matters referred to in this announcement and will not regard any other person as its client in relation to the matters referred to in this announcement and will not be responsible to anyone other than Shire for providing the protections afforded to clients of Evercore, nor for providing advice in relation to the matters referred to in this announcement.
Morgan Stanley & Co. International plc, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting as financial adviser to Shire and no one else in connection with the matters referred to in this announcement. In connection with such matters, Morgan Stanley & Co. International plc, its affiliates and its and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to any other person other than Shire for providing the protections afforded to their clients or for providing advice in connection with the contents of this announcement or any other matter referred to herein.
Citigroup Global Markets Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, each in the United Kingdom, is acting as financial adviser to Shire and for no one else in connection with the matters set out in this announcement. In connection with such matters, Citigroup Global Markets Limited, its affiliates and its and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Shire for providing the protections afforded to its clients or for providing advice in connection with the contents of this announcement or any matter referred to herein.
Goldman Sachs International, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in the United Kingdom, is acting as financial adviser to Shire and no one else in connection with the matters referred to in this announcement. In connection with such matters Goldman Sachs International, its affiliates and its and their respective directors, officers, employees and agents will not regard any other person as their client, nor will they be responsible to anyone other than Shire for providing the protections afforded to clients of Goldman Sachs International, or for giving advice in connection with the contents of this announcement or any other matter referred to herein.
Deutsche Bank AG is authorised under German Banking Law (competent authority: BaFIN - Federal Financial Supervisory Authority). Deutsche Bank AG, London Branch is further authorised by the Prudential Regulation Authority and is subject to limited regulation by the Financial Conduct Authority and Prudential Regulation Authority. Deutsche Bank is acting as financial adviser to Shire and no one else in connection with the contents of this Announcement and will not be responsible to anyone other than Shire for providing the protections afforded to its clients or for providing advice in connection with the contents of this Announcement or any matter referred to herein.
CONTACTS
Shire Jessica Mann +44 1256 894 280 Stephanie Fagan +1 201 572 9581 FTI Consulting (Media Adviser to the Company) Andrew Lorenz (London) +44 77 7564 1807 Ben Atwell (London) +44 20 3727 1000 David B. Roady (New York) +1 212 850 5600 Robert Stanislaro (New York) +1 212 850 5600 Citi (Financial Adviser to the Company) Christopher Hite +1 212 816 1818 Jan Skarbek +44 20 7986 4000 Deutsche Bank (Financial Adviser to the Company) Nick Bowers +44 20 7545 8000 Ben Lawrence Evercore (Financial Adviser to the Company) Francois Maisonrouge +44 20 7653 6000 Edward Banks Goldman Sachs (Financial Adviser to the Company) Anthony Gutman +44 20 7774 1000 Raj Shah Morgan Stanley (Financial Adviser to the Company) Michele Colocci +44 20 7425 8000 Colm Donlon Peter Moorhouse (Corporate Broking)